Representatives from CUNA and the Minnesota Credit Union Network (MnCUN) met with Consumer Financial Protection Bureau (CFPB) staff in Minneapolis Wednesday. The organizations discussed credit union priorities, particularly in the lending space.
“The CFPB held a small business lending roundtable in Minneapolis today with local credit unions and banks to discuss small business lending. It was an opportunity to provide input to the CFPB as they are working on putting together rulemaking on part 1071 the collection of business loan data,” said Mara Humphrey, MnCUN’s vice president of government affairs and association services. “The roundtable discussion was an important opportunity to remind the CFPB of the importance of credit unions as small business lenders.
“The meeting was also an opportunity to remind them of the difference their not-for-profit status makes in lending decision making and encourage them to not issue a one-size-fits all regulation. Minnesota credit unions are essential providers of loans to their members and in their communities,“ she added.
CUNA and state credit union staff also attended a CFPB town hall on debt collection in Philadelphia Wednesday.